H.R. 10477 aims to amend the Sarbanes-Oxley Act of 2002 by exempting audits of privately held, non-carrying brokers and dealers that are in good standing from specific requirements outlined in Title I of the Act. This change is intended to reduce regulatory burdens on smaller financial entities.
H.R. 10477 was introduced in the 119th Congress by J. Hill (Republican) and is currently listed as “Introduced”. It is classified under the Finance and Financial Sector policy area, one of 158 bills in that area we track this Congress.
J. Hill is the sponsor of 16 bills in our database this Congress, so H.R. 10477 is part of a broader legislative agenda rather than a one-off proposal.
Our conflict-of-interest analysis rates H.R. 10477 2/10 (low risk), higher than 76% of analyzed bills; the average in Finance and Financial Sector is 2.3/10.
Supporters of H.R. 10477 argue that the bill will streamline operations for small, privately held brokers and dealers, allowing them to focus more on their business rather than compliance with extensive auditing requirements. Proponents believe this will foster growth and innovation in the financial sector.
Critics of H.R. 10477 express concerns that exempting certain brokers and dealers from audit requirements could lead to reduced oversight and increased risk of financial misconduct. They argue that this could undermine investor confidence and weaken the safeguards established by the Sarbanes-Oxley Act.
The analysis of H.R. 10477 reveals no direct industry overlaps between the sponsor J. Hill's top donor industries and the subject matter of the bill, which seeks to amend the Sarbanes-Oxley Act regarding audits of privately held, non-carrying brokers and dealers. This lack of overlap suggests that the financial interests of the sponsor's donors are not directly aligned with the provisions of the bill, reducing the likelihood of conflicts of interest. Furthermore, without specific dollar amounts or industries that could benefit from this legislation, the potential for undue influence appears minimal. Voters should be aware that while campaign finance can often lead to perceived conflicts, in this case, the data indicates a low risk of such issues arising from this particular bill.
Top industries funding J. Hill, ranked by total contributions.
Source: OpenSecrets.org (Center for Responsive Politics)
What does H.R. 10477 do?
H.R. 10477 aims to amend the Sarbanes-Oxley Act of 2002 by exempting audits of privately held, non-carrying brokers and dealers that are in good standing from specific requirements outlined in Title I of the Act. This change is intended to reduce regulatory burdens on smaller financial entities.
Has H.R. 10477 received a floor vote?
No roll-call vote on H.R. 10477 is recorded in our database yet. Its current status is “Introduced”.
Does H.R. 10477 have a conflict of interest?
Our conflict-of-interest analysis rates H.R. 10477 2/10 (low risk), higher than 76% of analyzed bills; the average in Finance and Financial Sector is 2.3/10. This score reflects overlap between the sponsor’s campaign funding, lobbying activity, and the industries the bill affects. It is a transparency indicator, not an accusation.
What is the status of H.R. 10477?
H.R. 10477 is currently “Introduced” as of our last update on September 23, 2026.
Who sponsored H.R. 10477?
H.R. 10477 was sponsored by J. Hill (Republican).
